Productivity Tips for Busy Small Business Owners

Small business owners are used to spreading themselves too thin. This makes them prone to believe that by doing many things at the same time, they are being productive. What they fail to realize is that their divided focus affects the quality of their output. Allow us to share some productivity tips to help you stay on top of things despite the busyness of your everyday work life.   Stay Healthy. Make sure that you get enough rest. Use the…

TIPS: How Philippine SMEs and Startups Can Earn More Profits in 2020

At JCSN Accounting Services, we take pride in providing efficient and precise assistance to businesses across a wide range of industries. Our commitment to helping them thrive goes beyond extending SME and startup business accounting services that enable them to make better financial decisions. We have prepared some tips that can help businesses earn more in the coming year.   Plan for the Long-Term. Your startup or SME must never be treated as a side job. Keep that in mind,…

Holiday Accounting Tips for Philippine SMEs and Startups

The fourth quarter of the year is usually the busiest time of the year for Philippine SMEs and startups because it’s the holiday season. As a business owner, it’s essential to consider how you’ll keep track of every expense done during this busy quarter. Here are simple accounting tips for businesses in the Philippines to take note of this holiday season.   Tip #1: Track Your Sales and Inventory One of the worst-case scenarios to welcome the holiday season is…

Companies and Their HMOs Must Comply with Accounting Standards

The Philippine Star reported that the Insurance Commission (IC) released a circular requiring Health Maintenance Organizations (HMOs) to issue contracts compliant with Philippine accounting standards. The circular, which was intended for transparency purposes, shall apply to the annual as well as quarterly reporting periods beginning January 1, 2020. Companies should then make sure that by that time next year, HMOs contracts are compliant with the law. One of the principles that must be followed are contained in the Philippine Financial…

How Philippine SMEs Can Automate Accounting & Bookkeeping Practices

Developments in technology have opened more avenues for businesses to improve their processes. Of course, emerging technologies also affect the accounting industry. That’s why Noe Quiñanola, PRC Board of Accountancy chairman, said in an interview that accountants must learn new digital skills through further education. Basically, automation helps in reducing time in tasks as well as improve accuracy; hence, accountants become more efficient and productive. Going back to Philippine SMEs, the time to go digital is now, and here are…

PRC: Accountants Should Embrace Digital and Tech Skills

Today’s era has completely shown that technology can go hand in hand with the workforce. All thanks to the willingness of the people to adapt to artificial intelligence and other emerging technologies, business processes were streamlined. Looking at the accounting industry in the Philippines, it’s clear that technology and software play a significant role in efficiency and productivity. Even the Professional Regulatory Commission (PRC) said that accountants should embrace digital and tech skills. Those are already clear indications of the…

Accounting Tips for Ecommerce Businesses and Online Payments

When it comes to businesses that recently became an e-commerce, online payments are unexplored territory. Don’t worry, start making your accounting tasks for your ecommerce business smooth sailing with these simple tips.   Tip #1: Choose an accounting software As an ecommerce business owner, accounting software is essential in tracking online transactions, making it easier for your bookkeeping tasks. Accounting software will also let your records stay up to date as well as accessible anywhere you go.   Get one…

What SME Businesses Need to Know About the New Tax Amnesty Act of 2019

Republic Act No. 11213, otherwise known as the Tax Amnesty Act of 2019 provides tax amnesty on delinquencies as well as estate tax amnesty. Since we prepared this article to show what’s in it for SME businesses, allow us to focus exclusively on tax amnesty on delinquencies. In a nutshell, through such amnesty which covers all national internal revenue taxes, businesses with long overdue tax liabilities will finally be given a clean slate. This is because the taxes previously deemed…

How to Avoid Unwanted Tax Season Trouble

Tax time is mandatory, and no one is above it. Every year, businesses in the Philippines are required to submit tax returns to the Bureau of Internal Revenue (BIR). Filing taxes enable them to know if they owe additional taxes or eligible for tax returns. For those who don’t pay their taxes, it’s against the law to do so. In the Philippines, tax evasion cases, once proven guilty, can lead to a fine between ranging from ₱30,000 to ₱100,000, different…

SEC PRFS for Small Businesses – Simplified

Already existing in the Philippines as early as 2005, the Philippine Financial Reporting Standards (PFRS) helps businesses in terms of business decision making, data comparisons, and increase in accuracy on financial statements. PFRS was adapted from the International Financial Reporting Standards (IFRS) for the country to have a standard when it comes to financial reporting practices. Ever since the existence of PFRS, businesses registered with the Securities and Exchange Commission (SEC) are required to integrate PFRS and use it as…